The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMC ENTERTAINMENT HOLDINGS INC COM 00165C104 587 24,200 SH   DFND   0 0 24,200
AGNICO EAGLE MINES LTD COM 008474108 249 8,220 SH   DFND   0 0 8,220
ALCOA INC COM 013817101 2,328 180,900 SH   DFND   0 0 180,900
ALEXANDER& BALDWIN INC NEW COM 014491104 372 8,746 SH   DFND   0 0 8,746
AMGEN INC COM 031162100 2,704 21,923 SH   DFND   0 0 21,923
ANGLOGOLD ASHANTI LTD ADR COM 035128206 399 23,380 SH   DFND   0 0 23,380
APPLE INC COM 037833100 5,295 9,865 SH   DFND   0 0 9,865
APPLIED INDUSTRIAL TECHNOLOGIES INC 03820C105 461 9,550 SH   DFND   0 0 9,550
BANK OF HAWAII CORP COM 062540109 416 6,860 SH   DFND   0 0 6,860
BOEING COMPANY COM 097023105 1,777 14,156 SH   DFND   0 0 14,156
CENTRAL FUND OF CANADA LIMITED COM 153501101 2,753 200,050 SH   DFND   0 0 200,050
COCA-COLA COMPANY COM 191216100 477 12,330 SH   DFND   0 0 12,330
COEUR MINING INC COM 192108504 1,164 125,275 SH   DFND   0 0 125,275
CONTAINER STORE GROUP INC COM 210751103 1,063 31,300 SH   DFND   0 0 31,300
DIREXION DAILY GOLD COM 25459Y389 544 15,695 SH   DFND   0 0 15,695
ETFS SILVER TRUST COM 26922X107 215 11,000 SH   DFND   0 0 11,000
EAGLE MATERIALS INC COM 26969P108 706 7,961 SH   DFND   0 0 7,961
ENDEAVOUR SILVER CORP COM 29258Y103 2,552 592,100 SH   DFND   0 0 592,100
ENERPLUS CORP COM 292766102 216 10,800 SH   DFND   0 0 10,800
EXONE COMPANY COM 302104104 590 16,475 SH   DFND   0 0 16,475
EXXON MOBIL CORP (NEW) COM 30231G102 239 2,445 SH   DFND   0 0 2,445
FINISAR CORPORATION COM 31787A507 1,237 46,650 SH   DFND   0 0 46,650
FIRST MAJESTIC SILVER CORP COM 32076V103 3,430 355,855 SH   DFND   0 0 355,855
FRESH MARKET INC COM 35804H106 1,961 58,350 SH   DFND   0 0 58,350
GOLD FIELDS LTD ADS COM 38059T106 1,612 436,914 SH   DFND   0 0 436,914
GOLDCORP INC COM 380956409 1,577 64,430 SH   DFND   0 0 64,430
CGI GROUP INC COM 39945C109 668 21,600 SH   DFND   0 0 21,600
HANSEN MEDICAL INC COM 411307101 257 98,819 SH   DFND   0 0 98,819
HARDING INC COM 412324303 584 40,535 SH   DFND   0 0 40,535
HAWAIIAN AIRLINES INC COM 419879101 1,050 75,209 SH   DFND   0 0 75,209
HERSHEY CO COM 427866108 251 2,400 SH   DFND   0 0 2,400
IAMGOLD CORP COM 450913108 563 159,950 SH   DFND   0 0 159,950
KAPSTONE PAPER AND PACKAGING CORPORATION 48562P103 1,573 54,550 SH   DFND   0 0 54,550
LAREDO PETROLEUM INC COM 516806106 510 19,710 SH   DFND   0 0 19,710
LIFELOCK INC COM 53224V100 2,034 118,857 SH   DFND   0 0 118,857
LITHIA MOTORS INC CL A COM COM 536797103 409 6,150 SH   DFND   0 0 6,150
MKT VECT GOLD MNRS COM 57060U100 534 22,620 SH   DFND   0 0 22,620
MARKET VECTORS JR GOLD MINERS COM 57061R544 249 6,885 SH   DFND   0 0 6,885
MATSON, INC COM 57686G105 216 8,746 SH   DFND   0 0 8,746
MINERA ANDES INC COM 580394104 226 90,000 SH   DFND   0 0 90,000
MCEWEN MINING INC COM 58039P107 677 285,550 SH   DFND   0 0 285,550
NEW GOLD INC. COM 644535106 1,925 394,488 SH   DFND   0 0 394,488
NEWMONT MINING CORP COM 651639106 742 31,650 SH   DFND   0 0 31,650
NORTHERN OIL AND GAS INC COM 665531109 1,203 82,300 SH   DFND   0 0 82,300
NOVO-NORDISK A S ADR COM 670100205 265 5,800 SH   DFND   0 0 5,800
OASIS PETROLEUM COM 674215108 695 16,650 SH   DFND   0 0 16,650
OSISKO MINING CORP COM 688278100 470 75,750 SH   DFND   0 0 75,750
PAN AMERICAN SILVER CORP COM 697900108 2,742 213,075 SH   DFND   0 0 213,075
PARAMOUNT GOLD AND SILVER CORP COM 69924P102 645 524,050 SH   DFND   0 0 524,050
PARKER DRILLING CO COM 701081101 2,111 297,691 SH   DFND   0 0 297,691
PEPSICO INCORPORATED COM 713448108 217 2,600 SH   DFND   0 0 2,600
POWERSHARES DB AGRIC COM 73936B408 256 9,050 SH   DFND   0 0 9,050
PROSHARES ULTRASHORT FTSE CHINA 25 74348A350 1,714 25,648 SH   DFND   0 0 25,648
ROYAL GOLD INC COM 780287108 319 5,100 SH   DFND   0 0 5,100
STANDARD& POORS DEPOSITORY RECEIPTS 78462F103 1,070 5,720 SH   DFND   0 0 5,720
SPDR DOW JONES INDUSTRIAL AVERAGE 78467X109 509 3,100 SH   DFND   0 0 3,100
SANCHEZ ENERGY CORPORATION COM 79970Y105 2,487 83,950 SH   DFND   0 0 83,950
SANOFI ADR COM 80105N105 468 8,950 SH   DFND   0 0 8,950
SEABRIDGE GOLD INC COM 811916105 1,247 176,149 SH   DFND   0 0 176,149
SIBANYE GOLD LTD COM 825724206 859 103,155 SH   DFND   0 0 103,155
SILVER SPRING NETWORKS INC COM 82817Q103 1,755 101,000 SH   DFND   0 0 101,000
SOCIEDAD DE CHILE SC COM 833635105 1,592 50,150 SH   DFND   0 0 50,150
SPROTT PHYSICAL GOLDTR UNITS COM 85207H104 9,561 896,064 SH   DFND   0 0 896,064
SPROTT PHYSICAL SILVER TRUST COM 85207K107 6,609 842,950 SH   DFND   0 0 842,950
SPROUTS FARMERS MARKETS INC COM 85208M102 1,919 53,250 SH   DFND   0 0 53,250
STATOILHYDRO ASA - SPON ADR COM 85771P102 3,719 131,800 SH   DFND   0 0 131,800
SWIFT ENERGY CO COM 870738101 1,621 150,650 SH   DFND   0 0 150,650
TANZANIAN ROYALTY EXPLORATION CORPORATION 87600U104 476 200,000 SH   DFND   0 0 200,000
TITAN MACHINERY INC. COM 88830R101 2,271 144,942 SH   DFND   0 0 144,942
UNION PACIFIC CORPORATION COM 907818108 2,524 13,450 SH   DFND   0 0 13,450
VISA INC COM 92826C839 1,792 8,301 SH   DFND   0 0 8,301
WHOLE FOODS MARKET INC COM 966837106 2,328 45,906 SH   DFND   0 0 45,906
YAMANA GOLD INC COM 98462Y100 2,350 267,700 SH   DFND   0 0 267,700
GASLOG LTD COM G37585109 2,552 109,589 SH   DFND   0 0 109,589
ROWAN COMPANIES INC COM G7665A101 839 24,900 SH   DFND   0 0 24,900
PACIFIC DRILLING SA COM L7257P106 1,229 113,000 SH   DFND   0 0 113,000
COPA HOLDINGS S.A. COM P31076105 777 5,350 SH   DFND   0 0 5,350